Jan 042012
 

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Successful career change after 50 revolves around one important fact. Rarely does a new career at 50 result in an improvement in your financial situation. On the contrary, many times you have to start on a lower rung on the financial ladder and work your way up to your previous level of compensation and benefits.

Therefore an important component to your career change plan is the level of financial freedom you enjoy. Financial freedom is required to assist in making a career change work at any age and particularly after age 50.

Changing careers takes time and planning. You not only have to select a new career that is compatible to your skills and interests but one that will generate planned financial freedom.

To often a career change takes place without careful consideration of the financial aspects of the change. Perhaps the pay is better but it is eaten up by a longer commute and a sub-par benefit package.  Or the new job pays less but you’re overly optimistic on the timing and amount of pay increases and promotions.

If the financial planning and resources are insufficient to close the money gap, that ideal new career and job could become a worse situation that the job you just left.

To get what you want out of a new career be sure your financial ducks are in order. Reduce your debt, add to your savings every month, pare you required monthly expenses and have a robust emergency fund.

So if you research a new career don’t forget the financial aspects of the career change. Since there is a career change ahead for many of us now is the time to take a careful look at our financial planning.

And your financial planning and the execution of the plan will generate more career change options. This in the final analysis will give you the resources to make a successful career change at 50 and beyond.

For a summary of what others have accomplished in changing careers at 50 you might be interested in their stories of effective career planning after 50. Moreover, our site also has a full range of career planning and job hunting resources.  

 

 

 

 

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